Nov 7 (Reuters) - Kenvue ( KVUE ) reported third-quarter

sales marginally below Wall Street estimates on Thursday, hurt

by weakness in its skin health and beauty unit housing the

Neutrogena and Aveeno brands, amid pressure from activist hedge

fund Starboard Value.

The consumer products company has faced criticism from

investors for lackluster growth in its skincare and beauty

brands.

After Starboard built a sizable stake in the consumer

products company, the activist hedge fund said there was an

opportunity to improve revenue growth and margins for Kenvue's ( KVUE )

beauty brands.

Kenvue ( KVUE ) is focusing on improving sales through increased

marketing spend and in-store presence of its skincare products

including brands such as Clean & Clear. Yet, sales in the

segment fell 4.2% to $1.07 billion in the third quarter ended

Sept. 29.

Analysts were expecting segment sales of $1.10 billion for

the reported quarter, according to data compiled by LSEG.

Total revenue fell slightly, to $3.90 billion, below

analysts' estimate of $3.93 billion.

Growth in its self-care and essential health units, through

which it sells over-the-counter products including Benadryl,

Band-Aid and Listerine, helped offset some weakness in skincare

products.

On adjusted basis, the company reported a profit of 28 cents

per share, compared with analysts' estimate of 27 cents per

share.

Kenvue ( KVUE ) said it expects annual net sales to grow closer to

the lower end of its forecast of 1% to 3% growth.

The company reaffirmed its annual per share profit forecast

of between $1.10 and $1.20. Analysts were expecting a profit of

$1.14 per share.